Part of the American Dream is owning your own business. However, making your dreams come true can be a daunting task. How long do you want to “work for the man” and at what point do you finally take the step to Self-Employment? One of the more daunting tasks is getting your business structure set up properly. Part of that is learning how, when, and how much do you pay in taxes? Unless you’ve done your research, you may not know the answers to those questions. If you’ve been paying payroll taxes while you’ve been “working for the man”, it’s been pretty simple for you because it’s all been happening behind the scenes.
You could buy a franchise where everything is set up for you. Maybe part of your franchise ownership is having the accountants who work for the franchise perform your services for you.
If you are one of the brave ones out there who have opted for a franchise without those services, or if you have started your own business from the ground up, it is recommend not “going it alone”. I have seen it too many times where the business is started without accountant or legal advice happening. New business owners often hope that they will learn as they go. I’ve had clients who did not know their business structure, didn’t know that they needed to produce their income or profit and loss statements, or even have any idea what information was needed to accurately prepare their taxes. It is always a good choice to have an accountant or tax professional there with you to help you out in the beginning to set the tone.
Every day, by no fault of their own, hardworking Americans find themselves in hot water with the IRS or their state taxing board for not paying taxes on time (if at all). These include payroll taxes for employees, self-employment taxes, or estimated taxes based on their projected income, just to name a few.
If you come under audit by the IRS, you will most definitely need a professional in your corner to help you out. It is possible to do it alone, but why would you? Your business is running your business. I’ve seen too many situations where hardworking Americans like you and I have just agreed with what the auditor found, or just paid the amount that the letter from the IRS recommended just to keep their name and business clean.
If you are a new business owner, or even an experienced one, you probably have a lot of questions. All County Tax Services is happy to come out to your business for a FREE initial consultation to answer any questions. We can perform training based on your specific type of business. Maybe you are an LLC, Partnership, Sole Proprietor, Corporation, or even if you have just started a home based MLM business, we can help you get off on the right foot. If you are a business owner, I can sit with you alone, or if you have a team that you want to train, I’m happy to help. Please note that I’m in San Diego County, and am willing to travel anywhere in the county, and if you are outside the county and close, I’m happy to come see you on a weekend. I am always available by phone, Skype, or email to answer any quick questions for those I cannot travel to.
If you are one of the ones who won the “Lucky” draw with the IRS and have received a letter, the worst thing you can do is sit on it. There are timelines on the letter that indicate when you need to respond by. Just hoping it will go away is a very bad tax strategy. Call us today for your FREE consultation, and let us help. The IRS is very unrelenting when they think you owe them money.